Agenda - Council - 12/14/2004 - Laserfiche WebLink

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Development Property and Site Improvements and City Fees ( the "Financial Assitance"and "Business Subsidy") $ $326,700 (j.) The Financial Assistance shall be paid to Developer by the City in annual installments on each December 31 (the "Payment Date") commencing December 31, 2008 or such other date that New Tax Increment is generated fi.om the Minimum Improvements. Such payments will be made solely from the Net Tax Increments attributable to the Minimum Improvements and actually received by the City as of any Payment Date. NOTWITHSTANDING the above, the City shall have no obligation to make any payment on a Payment Date unless: 1. The Minimum Improvements have been completed, a certificate of occupancy has been issued by the City for the Minimum Improvements, and the Minimum Improvements have the Minimum Market Value; and 2. All property taxes, special assessments and City fees and charges related to the Development Property are current and there is no uncured Event of Default; and If the above conditions have not occurred, the City may withhold payments on the Financial Assistance until the default is cured. The City makes no representation or warranties that the Net Tax Increment will be sufficient to pay any or all of the Financial Assistance to Developer. The City's calculation of Net Tax Increment shall be conclusive. If Net Tax Increment is insufficient to make a payment on the Payment Date, the deficiency will be deferred and paid on the next Payment Date on which the City has received Net Tax Increment in excess of the amount due and payable on that date. In no event will the City make any Financial Assistance payment to Developer notwithstanding that the full amount of Financial Assistance may not have been paid to Developer after December 31, 2012. Section 2.3 Title. City, at City's expense, shall promptly obtain and deliver to Developer a commitment for an owner's title insurance policy (ALTA Owner's Form Policy 1992) issued by a title insurance company acceptable to Developer ("Title Company"), naming Developer as the proposed owner-insured of the Development Property in the amount of $326,700, (the "Commitment"), together with copies of all documents referred to in the Commitment. The Commitment shall commit to insure fee title in Developer, free and clear of all mechanic's lien claims, questions of survey, unrecorded interests, rights of parties in possession, or other exceptions. Developer will be allowed ten (10) business days after receipt of the Commitment, the copies of the documents referred to in the Commitment and the Survey (as hereinafter defined) for examination thereof, and for making any objections to the marketability of the title to the Development Property, said objections to be made by written notice or to be deemed waived. Developer need not object to mortgages or other monetary liens. If any objections are so made to the marketability of the title to the Development Property, City shall immediately commence and diligently endeavor to complete all actions necessary to cure the objections, including, but not limited to, the institution of "quick take" eminent domain proceedings, and shall be allowed